The Security of Mobile Money Management: How to Protect Yourself

Conducting transactions from your mobile device is easy, convenient and safe. The financial industry depends on secure transactions and the users who make them, so your institution is doing everything it can to protect you and your money.

Information sent and received through a bank's mobile app or mobile website has multiple layers of encryption, which is why you can feel safe making transactions on your phone.

Peace of mind ultimately comes from choosing a financial partner that takes security seriously. Reputable institutions offer FDIC insurance, and many banks will cover any losses due to fraud. When you use the American Express Serve® Mobile app1, you're relying on a company that always makes your financial safety one of its top priorities.

Even though your bank likely has you covered, you should never take the security of mobile money management for granted. Be smart and do your part. Here are five security tips that can protect you.

1. Keep Your Phone Locked

Prevent other people from accessing your phone if it ever falls into the wrong hands. Most smartphones can be secured with a four-digit unlock pin or by tracing a specific pattern. Newer devices can even be unlocked with your fingerprint.

2. Disable Your Device

There are apps that can disable your device and help you locate your phone if it's ever lost or stolen. Try to get your phone back, but don't take any unnecessary risks trying to retrieve it. You should also alert your bank immediately to make sure they block unauthorized activity.

3. Create a Strong Password

Mobile security starts with a good, strong password. Choose something memorable that no one else can figure out. Change your password regularly. And never store your password or answers to security questions on your device. If you use the same password for many logins, take action to reinforce your mobile banking security by selecting a different password for your banking app. Some mobile banking services, like the American Express Serve Mobile app, enable Touch ID login for iPhone users to ensure that no one else can access your sensitive information.

4. Log Out

Some apps give you the option to stay logged in - make sure the app you use is the exception. Banks will usually log you out automatically after a certain amount of inactivity, but don’t take any chances. Log out fully after you complete your transactions, and make sure you quit the app when you're finished.

5. Be Alert

Get in the habit of monitoring your activity. You'll know immediately if anything looks suspicious. If you suspect an unauthorized transaction, notify your bank right away. Some scammers will try to phish for passwords and pin numbers by generating texts that look like they're coming from your financial provider. Don't respond. Your actual bank will never ask you to provide sensitive information over text or email.

The American Express Serve® family of reloadable prepaid Accounts are available to U.S. residents who are over 18 years old only (or 19 in certain states) and for use virtually anywhere American Express® Cards are accepted worldwide, subject to verification. Fees apply. Other eligibility and restrictions apply. For complete details please visit serve.com/legal to view the applicable Consumer User Agreement for each Serve reloadable prepaid Account.

American Express Serve Service and Card are provided and issued by American Express Travel Related Services Company, Inc., 200 Vesey Street, New York, N.Y. 10285. American Express Travel Related Services Company, Inc. is licensed to engage in the transmission of money on behalf of the public. Click here for information about addressing complaints regarding our money services business, lists of our money services business licenses and other disclosures.